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TODAY’S S&P 500 SET-UP – February 22, 2013


As we look at today's setup for the S&P 500, the range is 16 points or -0.70% downside to 1513 and 1.77% upside to 1529.  

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.74 from 1.73
  • VIX  closed at 15.22 1 day percent change of 3.68%

MACRO DATA POINTS (Bloomberg Estimates):

  • 10:30am: Fed’s Powell, Rosengren speak in New York
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 1pm: Baker Hughes rig count
  • 6:30pm: Fed’s Tarullo speaks on regulation in New York

GOVERNMENT:                                        

    • Obama hosts lunch mtg w/ Japanese Prime Minister Shinzo Abe
    • Defense Sec Leon Panetta attends NATO mtg in Brussels
    • 8am: HHS, FDA to discuss, vote on pre-mkt approval of NeuroPace Responsive Neurostimulation System
    • 3pm: Sec. of State John Kerry meets with Japanese Minister of Foreign Affairs Fumio Kishida

WHAT TO WATCH

  • Gardner Denver to release earnings, may update on sale
  • KKR said to offer ~$3.68b for Gardner Denver
  • Bernanke said to minimize asset-bubble concern at dealer meeting
  • Boeing said to present battery redesign for 787 to FAA
  • Tosoh develops material that may help solve B787’s battery issue: Nikkei
  • Bausch & Lomb owner Warburg Pincus said to seek banks for IPO
  • BOE, PBOC discussing 3yr pound/renminbi swap arrangement
  • S&P probe by Massachusetts said to extend to post-crisis ratings
  • Euro-area economy to shrink, Spain deficit widened, EU says
  • Elan plans $1b share repurchase
  • German IFO business confidence rises more than forecast
  • China’s new home prices rise for 3rd month
  • ING to name Ralph Hamers CEO
  • Alcatel-Lucent names Michel Combes CEO; France said to weigh stake
  • EMA Preview: Glaxo, Sanofi, Pfizer, J&J, Roche, Takeda
  • 85th annual Academy Awards ceremony to take place Sunday
  • Anschutz Entertainment bids are below asking price: NY Post
  • Bernanke, Italian Election, Oscars: Wk Ahead Feb. 23-March 2

EARNINGS:

    • Enerplus (ERF CN) 6am, C$0.12
    • Gardner Denver (GDI) 6:30am, $1.35
    • Barnes Group (B) 6:30am, $0.51
    • Eldorado Gold (ELD CN) 7am, $0.15
    • Cyberonics (CYBX) 7am, $0.39
    • Interpublic (IPG) 7am, $0.53
    • Selectome REIT (SIR) 7am, $0.72
    • Abercrombie & Fitch (ANF) 7am, $1.96 - Preview
    • NV Energy (NVE) 7am, $0.07
    • Mobile Mini (MINI) 7:30am, $0.30
    • HMS Holdings (HMSY) 7:30am, $0.26
    • Warner Chilcott (WCRX) 7:30am , $0.73
    • Charter Communications (CHTR) 8am, $0.06
    • Pinnacle West Capital (PNW) 8am, $0.17
    • Washington Post (WPO) 8:30am, NA

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Narrows Biggest Drop Since 2011 as Slump Attracts Buying
  • Sugar Traders Most Bullish Since October on Ethanol: Commodities
  • Soybeans Head for Longest Rally Since April on Chinese Demand
  • Gold Cuts Third Weekly Drop as Slide to 7-Month Low Spurs Demand
  • Brent Crude Rises, Paring Biggest Weekly Decline Since December
  • Coffee Rises as Investors May Cut Bearish Bets After Price Drop
  • Soybeans Held at Brazil Ports Boost Prices in China, Wilmar Says
  • China’s Grain Supply in ‘Structrual Shortage’, Minister Says
  • Gas Curve Shows Export Profit as Obama Hosts Abe: Energy Markets
  • Crude May Fall as Weak Demand Boosts Inventories, Survey Shows
  • India Seen Raising Cooking Oil Import Taxes to Protect Growers
  • U.S. Forecasts ‘Modest Further Rise’ in Gasoline Prices at Pump
  • Gasoline Rally Seen Fueling U.S. Stock Losses: Chart of the Day
  • Record Sugar Output in India’s Top Grower Seen Curbing Imports

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CURRENCIES


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EUROPEAN MARKETS

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ASIAN MARKETS

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MIDDLE EAST


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The Hedgeye Macro Team